Please support H.R. 1852, the Expanding American Homeownership Act of 2007

Filed in Minnesota Real Estate by on September 13, 2007 4 Comments

Putting a lid on the current mortgage market crisis requires a decisive action by Concress. Please suport the Expanding American Homeownership Act of 20007 (H.R.1852) and the proposed Frank-Miller Cardoza amendment by contacting your member of Congress and ask for their YES vote for both.

The Frank-Miller-Cardoza amendment would increase sinlge family FHA loan limits to 125% of area median home prices. It would also allow for additional increases if changes in market conditions would require them.

H.R. 1852 reforms the FHA home mortgage program by building on the strength and security of successfully insuring mortgages for more than 70 years. It is the immediate and significant response necessary to return stability to the mortgage market

The amendment offered by Congressmen Frank (D-MA), Gary Miller (R-CA) and Cardoza (D-CA) raises the single-family FHA loan limits to 125% of area median home prices and permits the Secretary of Housing and Urban Development to grant additional increases if required by market conditions.

H.R. 1852 would

  • allow FHA to risk base its products
  • eliminate the 3% down payment on FHA loans for first time homebuyers
  • allow FHA to insure more reverse mortgages
  • streamline the FHA condominium loan program
  • increase the FHA home loan limits in high cost areas

H.R. 1852 will allow FHA to risk-base price its products; eliminate the 3% downpayment requirement on FHA loans for first time homebuyers; increase the number of reverse mortgages that FHA can insure; streamline the FHA condominium loan program; and increase the FHA loan limits nationwide and in high cost areas.

Many homeowners will be facing rising risk of foreclosure with little chance for refinancing in the subprime mortgage market. The proposed amendment will allow these homeowners with a better, safer option. Increasing limits on FHA loans will provide a product that is more affordable than costly jumbo loans.

Contact your Congressional representative by using this link…

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Comments (4)

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  1. Robert says:

    Maybe I’m not clear, but it sounds like this bill will allow more people to get into homes they likely can’t afford and allow for the government to bail them out. Thus costing tax payers even more money. I know Realtors want to sell houses, but to what extent are you wanting to sacrifice in order to do so. If I’m off base, let me know.

  2. mrfnuts says:

    Kermit,

    You’re a freak’n nut job.

    You already state ‘theres no gaurantee it will work’ [sic], yet you’re willing to commit millions of tax payer dollars to this endeavor.

    Anyone who understands HR1852 knows it pork barrel legislation that directly benefits the banks, and those the NAR, MBA and NAHB lobby for. Come on, the new FHA secure loan is up to $730K — this is considered affordable housing?!?!?!

    Personally I’m sick of idiots like you determining how to spend MY money, and my children’s money, and my UNBORN grand children’s money.

  3. Kermit Johnson says:

    Dear Mr Fnuts,

    I appreciate your candor.

    Thanks for taking the time to stop by and comment.

  4. Don Marginson says:

    I am a Mortgage Broker, 30 years in the business, I have never been a sub-prime lender. My office has stacks of loan files that we have no loan programs or lenders available for.

    These loans are not real estate speculators or flippers, but they are the average American home-owners wanting to keep their American dream!

    Approximately 500,000 home loans will re-set in the 1st quarter of next year. If these homeowners must default that would be approximately 750,000 American children that will no longer be able to go to their same schools, play with their neighborhood friends or attend their same Church or Synagogue.

    These families will be financially ruined. You cannot even rent a home without a good credit history. I strongly urge you to contact the members of Committee on Banking, Housing, and Urban Affairs and ask them to move this bill forward.

    This is not about Mortgage Broker’s staying in business or how much money they make. This is about the American Homeowner.

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